Euro as an official currency—what is the advice of the Bulgarian bank?

According to the latest, still not confirmed, information, the euro will be the currency in 2025. As a reminder, during the first month from the date of introduction of the euro in Bulgaria, the lev and the euro will be in circulation at the same time, and both currencies will have the status of legal tender (the so-called period of dual circulation of the lev and the euro). After the expiration of this one month, the euro will remain the only currency in Bulgaria.

However, according to banks and other institutions in Bulgaria, in the months before the introduction of the euro, citizens will be encouraged to deposit as many levs (BGN) banknotes and coins as possible in bank accounts. Considering that all BGN funds on the accounts will be converted free of charge into Euros on the date of the introduction of the Euro, starting from that day, cashless payment transactions will be carried out only in Euros. Also, there is information that, from the date of introduction of the euro, the Bulgarian National Bank (BNB) will exchange for free, in an unlimited quantity and without a time limit, banknotes and coins from levs into euros at the official exchange rate of BGN 1.95583 for 1 euro. During the first six months from the date of the introduction of the euro in Bulgaria, banks and "Bulgarian Posts" EAD will exchange banknotes and coins from levs into euros at the cash desk free of charge at the official exchange rate, says the BNB.

Then, in the next six months, banks will continue to exchange banknotes and coins from levs to euros, but they will have the right to charge a fee for this service. After the expiration of the first 12 months of the introduction of the euro, banks and "Bulgarian Post" EAD may suspend the service for exchanging banknotes and coins from levs to euros in cash.